Posted on June 10, 2014 by Corey Hart
Jun

10

2014

Closed sales decrease from the prior year for fifth consecutive month

OVERVIEW

The Washington, DC Metro Area continued the pattern of low buyer activity in May.  Closed sales and new pending contracts decreased from last May by 10.6 percent and 4.5 percent, respectively.  But both were above their May-levels in 2011 and 2012 with new pending contracts above their May-levels for all years from 2006 to 2012.  As in recent months, bank-mediated sales decreased at a faster rate than non-bank-mediated sales and contributed to the overall decline in closed sales.  The median sales price continues to rise, likely due to both the decline in bank-mediated sales and tight inventory.  The median sales price increased 1.2 percent and reached the highest May-level on record with data going back to 1997.  Seller participation continues to increase and both active listings and new listings rose. 

Posted on June 10, 2014 by Corey Hart
Jun

10

2014

Inventory up 18.6 percent from May 2013

OVERVIEW

The Baltimore Metro Area continued the pattern of flat buyer activity in May.  Closed sales and new pending contracts were essentially unchanged from last May as closed sales increased by one sale and new pending contracts decreased by one contract.  But both were above their May-level 10-year averages.  Seller participation continues to increase and both active listings and new listings rose.  Active listings increased 18.7 percent, bringing the number of active listings to its highest level in over two years. 

Posted on May 12, 2014 by Corey Hart
May

12

2014

Highest April-level median sales price in seven years

OVERVIEW

In April, buyer activity remained lower than the previous year in the Washington DC Metro Area. Both closed sales and new pending sales were below their levels from this time last year, with all property segments posting declines in each category.  However, some of the decline in closed and pending sales was due to a decrease in short sales and foreclosures.  After 2008, like the nation, the DC metro region had an increasing number of bank-mediated sales.  The number of bank-mediated sales peaked in 2010 and has since been declining, falling from 15.1 percent of total sales in April 2013 to 10.7 percent of all sales in April 2014.  While this decline is a result of fewer distressed properties in the market, it has also depressed the total number of sales.  Closed sales decreased 8.3 percent, or by 350 sales, but non-bank mediated sales only fell by 3.5 percent, or by 127 sales.  Bank mediated sales declined 35.0 percent, or by 223 sales, and accounted for 63.7 percent of the decline in total sales.  Bank mediated sales had a similar role in new pending contracts, accounting for 42.5 percent of the decline in new contracts, despite being a smaller share of the market.

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dc metro, market analysis
Posted on May 12, 2014 by Corey Hart
May

12

2014

Highest April-level median sales price since 2008

OVERVIEW

Buyer activity slowed in the Baltimore Metro Area in April, but seller activity continued to improve.  Closed sales decreased 1.0 percent from last April, driven by decreases in sales of single-family detached homes and condo properties.  The number of new contracts declined by 1.1 percent from this time last year, but remained higher than the April-level for the six preceding years.  As compared to last year, new listings increased 13.0 percent, which is the highest year-over-year increase in four months.  The number of active listings increased 14.6 percent but is still only 59.2 percent of its peak-level.  The median sales price for the region increased 0.8 percent, or by $2,000, from last year, driven by gains in single-family detached homes and condo properties.  Seller confidence appears to be increasing as evidence by consistent increases in listings.  Despite more options, buyer activity has slowed with sales falling two of the first four months this year, after double digit growth for most of 2013.  It’s still too early to distinguish a trend, but rising interest rates, and sales prices could be playing a role.

Click here to view PDF version of this report

Posted on April 10, 2014 by Corey Hart
Apr

10

2014

Highest March-level median sales price in seven years; Inventory up 21 percent

OVERVIEW

The Washington DC Metro Area continued to see winter weather well into March.  As in the previous months, the cold weather may have impacted buyer activity in the housing market.  Both closed sales and new contract activity decreased from last March, declining 11.2 percent and 6.8 percent, respectively.  While all property segments had a decline in closed sales, only single-family detached homes and townhomes had fewer new contracts than last year.  Seller activity jumped compared to last year as both active listings and new listings had year-over-year increases.  Active listings increased by 20.9 percent, with both condo properties and townhomes increasing by over 30 percent.  New listings increased 3.9 percent and were driven by new listings for condo properties, which increased 18.6 percent.  Even with the increases, inventory remains low and is just 29.4 percent of its peak-level. 

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